Peking, March 10.
The criticism of the Shanghai Mint loan, appearing in Tuesday's "North China Daily News'' overlooks the fact that there are other documents relating to the loan besides the agreement itself. One of these is a long memorandum from the Chinese Banking Group to the Ministry of Finance embodying the recommendations of the former as regards the policy, establishment and management of the projected mint.
The other is the reply from; the Ministry of Finance heartily approving the recommendations, agreeing to give effect to them and undertaking not to make any changes except in agreement with the Group.
The recommendations in question include two of great importance from the foreign viewpoint.. First the appointment of a foreign assaying expert to take charge of tle work and to give publicity to his tests of the fineness of coins minted; and second, the nomination of a special committee, including representatives of the Maritime Customs, Chinese and Foreign Bankers Associations, Chinese and foreign Chambers of Commerce, ete., which Committee shall supervise the coinage and advise on measures for the mistntenatce of the efficiency of the mint.
By accepting these recommendations the Government, in effect, will give foreigners a considerable degree of control. The weakness of the arrangement, of course, is that there is no international agreement guaranteeing the position of foreigners in the Mint and until this is assured the foreign banks will doubtless bs slow to discard the tael and adopt the proposed new standard dollar.
At the same time it should ge recognized that the Government has made a big step forward in positively accepting the recommendations of the Chinese Banking Group and that it will be practically impossible in future for the Government to go back on its undertaking in
Text read from the printed page and cleaned; old type leaves the occasional error.